General Insurance
"General insurance" is a term used to describe all types of insurance, other than life insurance. You, most likely, will need some form of general insurance at some time in your life. Whether it be insurance for your vehicle, home, health, business or other coverage available in the general insurance market, it is often wise to purchase the protection against possible financial loss.
Not only should you make the choice to protect yourself financially with general insurance, but it is also a legal requirement in some instances. The most common type of insurance, which is usually a requirement by law, is liability to third parties and third party property damage, in respect of a motor vehicle. Another common area of general insurance, where you may have no choice but to purchase the cover, is household insurance. If you have a mortgage, the loan company, in most cases, will require that you purchase adequate household insurance in the terms of your contract.
There are some types of insurance, which are not required by law, but are highly recommended. The best example of this is health insurance. Nothing is more important than your health, but medical bills can add up quickly, especially if you suffer a serious injury or illness. Another general insurance plan, which is highly recommended, but not legally required, is renters insurance. This is, of course, only necessary if you rent your home. However, if you do happen to be a tenant, it is worthwhile obtaining renters insurance, in order to protect your belongings within the home, and to give you cover for third party liability.
Many insurance plans in the general insurance market can be combined as a "package" policy. For example, if you own a business, you will need several types of cover including liability, contents and property insurance to protect yourself, your assets and your office space or commercial property. The the insurer may be able to offer a combined policy to suit your business insurance requirements. way to simplify general insurance as a package is to combine insurance for the whole family under one policy. For example, there are many health insurance plans, which will cover you, your spouse and any dependent children in the household under one policy. These package policies make insurance management a little easier for both the insurer and the insured.
Although many general insurance policies have standard forms of cover, and standard exclusions, it is often possible for an insurance company to customize a policy to suit your needs. However, the addition and deletion of exclusions, and addition or deletion of certain types of cover may affect the premiums you pay, substantially. It is also important to note that there are some standard exclusions that can never be deleted under certain policies, and covers you may desire that are generally unavailable.
In order to obtain the right insurance package for you and your family, first assess all areas where financial loss may occur. You can also discuss your needs with an experienced insurance agent who deals with the general insurance market. An experienced agent, who deals with multiple insurance companies, will be able to assess your needs and obtain quotations of insurance, which fit your requirements. Alternatively, you may contact insurance providers directly. In this instance, you should endeavor to obtain multiple quotations and review the cover provided against the premiums quoted, in order to obtain the best policy for you.
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